If you're on a fixed monthly income or are trying to stick to a budget, make sure you're not needlessly paying for these 10 credit and banking extras:

1. Overdraft protection

According to a July report from the Center for Responsible Lending, the median overdraft fee was $35 and overdraft fees cost consumers $16.7 billion in 2011, the latest year for which data were available. Paying for overdraft protection can really add up, because overdraft fees typically beget more overdraft fees. Such fees can be triggered in four ways: using an ATM, writing a check, making a purchase with a debit card or making other electronic transactions, such as online bill payments.

To avoid high overdraft fees, instruct your bank to decline any transaction where you don't have sufficient funds in your account. Alternatively, seek out banks with consumer-friendly policies. For instance, JPMorgan Chase doesn't charge overdraft fees on ATM withdrawals. HSBC and Citibank don't impose overdraft fees for debit card use or ATM transactions.

2. Fancy checks

Designer checks and custom checks are visually appealing but can mean money down the drain. Consider how often you find yourself actually writing a check these days. Many people find it much more convenient to pay with a debit card or cash, or to pay bills electronically, where no check is needed. Even if you use checks regularly, opt for the basic checks your bank offers; many institutions provide those free of charge.

3. Credit card warranty insurance

Banks that have their own credit cards may recommend credit card warranty insurance when you sign up for a new card or if you have been a longtime cardholder. Just remember that this is an up-sell and only offers warranty insurance coverage when you make certain types of purchases with your credit card. Review the terms and conditions of this add-on carefully to determine whether you really need it. In many cases, the basic warranty coverage you have for a big-ticket item is just fine, and additional insurance simply isn't worth it.

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4. Job pay protection insurance

Those offers you get from credit card companies promising to waive fees on missed payments, or to pay your bill on your behalf in the event you lose your job or face some type of financial emergency, can be attractive to those who are struggling to make ends meet. However, you could end up paying a high price for this type of protection without ever actually needing it.

Consider the total cost of this service over the year and what your current minimum payment and balances are. While it's not wise to pay only the minimum payment each month, you can keep your credit in good standing and avoid paying fees for job pay protection insurance by making minimum payments only for a few months to get you through a tough time.

5. Credit reports

Checking your credit reports regularly is a good idea. You can spot any mistakes that may be in your credit files and keep tabs on your credit health. What's not a good idea, though, is to pay for credit reports that are easily and legally available to you at no charge. Under federal law, every adult in America is entitled to one free copy of his or her credit report once every 12 months from each of the three main credit bureaus: Equifax, Experian and TransUnion. To get your free credit report, go to annualcreditreport.com. That's the government-mandated website that the credit bureaus must maintain for U.S. consumers.